CordiaGrad is in line with many student loan lenders, offering some of the same loan packages as other top student loan consolidation companies. They are a good option for borrowers who are looking for an aggressive, shorter term student loan pay-off. While CordiaGrad focuses on their borrower-centric approach, there still are some shortcomings which may turn a few loan seekers away.
The Quick List for CordiaGrad:
- Minimum amount you can borrow from CordiaGrad is $30,000 and the maximum is $350,000. Loan terms are available for 5, 8 and 12 years.
- Undergraduate degrees: Fixed APR – 4.15% to 6.25% , Variable APR – 2.90% to 4.95%
- Graduate/Advanced Degrees: Fixed APR – 3.95% to 5.90%,Variable APR – 2.75% to 4.40%
- Rate ranges include a 0.50% autopay discount.
- No application, origination, or prepayment fees
- No early release of cosigner option
- $25 dollar late payment fee
- Possible one-time assistance in financial hardship
- CordiaGrad offers a 9-month forbearance period for unemployment
- Must be a U.S. citizen, permanent resident or resident alien to apply for a loan. In addition, the minimum age requirement is 23 years old. In terms of creditworthiness and income
- Before applying you must be employed for at least two years.
- You must show proof that you make at least $42,000 per year (or $25,000 if you have a co-signer).
- You must have a strong credit history.
- You must have a credit score of at least 700 if you’re applying by yourself. CordiaGrad will allow a credit score of 670 if you apply with a co-signer who has a score over 720.
For Borrowers wanting to aggressively pay off their student loans the loan repayment terms of 5, 8, or 12 years combined with a lower interest rate, may be preferable. Also, those borrowers who have private or PLUS loans they wish to consolidate; this could be a viable option.
Should you need a cosigner, CordiaGrad does not carry the option which allows for an early co-signer release. Basically, if a cosigner commits to your loan, they are in it for the long haul; at least for 12 years. CordiaGrad puts a big emphasis on using cosigners compared to other loan consolidation companies. It doesn’t seem to matter how good your credit score and income become, your cosigner must see it all the way through. They are very upfront about this policy which is admirable. Many lenders will advertise a cosigner release option, but then make it absolutely impossible to actually get the cosigner released.
In case of hardship, CordiaGrad is not big on helping out through the rough patches of life. Many other lenders are taking innovate approaches to assisting borrowers having a difficult time repaying their loans. CordiaGrad has made it quite clear they may or may not be willing to offer one-time assistance in the event of financial hardship. They do however; offer a 9 month forbearance program should the borrower become unemployed. If you have to take forbearance, a less expensive option would be to ask for three to six month forbearance.
The Bottom Line:
CordiaGrad may be suited for those seeking shorter repayment lengths and those who fit the qualifying guidelines. It is best for borrowers who are unable to get rates below 2% anywhere else, yet are insistent on paying their loans off fast. Another perk of CordiaGrad is you can get an estimate of your interest rate right away without a hard or soft credit pull.
CordiaGrad has some shortcomings as mentioned above, so borrowers needing those extra defining perks should look to other lenders, especially those who are implementing innovative new programs to help the borrower through the loan term.